OF JOHN SHERMAN. 037
" I frankly stuto for tlio Kepnbliean party that, while wo could HI»TI;O to Ilxinjj; Hit! time for specie payments mid upon conferring the ample und -snfll-ciont po\vers upon the Secretary of the Treasury contained In this law, wo i:ituld not a<rree in prescribing (lie precise mode in which dm process should Im exeouted. Nor, in my opinion, was it at all essential that wo should. Munii must be lol't lo the discretion of the ollicer charged widi dm execution of such ii law. The powers conferred, as I shall show hereafter, are ample ; and llio ilisure-tion {rjven will be exorcised under dm eye of Congress.
" A iid, sir, (here Is slronir foren In dm fuel that in every example wo have of I ho successful resumption of upcc.ic payincnls, in (his und nlhor counlrioH, a lixi-d duy luis ln'un named \,\ hm-jslativi) inidionly, and the details and power of o\-(utiilion liavo IKHMI h'l'l. Id exi'cutivo uulhorily. 'I'lms, in Great Jlritnin, tlu« ui'-t o|! purliiuiH-nt dl' July !-. IHli), llvnd the lium for full resunijilitui at tlio 1st day of Mny, ISIJll, and I'm1 a i^radunlrd rcsuiii|ilidii in ^;old ut inti>r-lili'dialiii divtes ; and For frm-iiona! minis iindi'i- fnriy shillings to he paid in silver coin ; and die •rnvrnior and dirt-cini-H nf die liiinlt of lOnj^land weru uhar^-iMl with ils exeeiiliun, and anllinri/.ed at (heir discretion to resume pay-nienl in full on (he Isl duy ol' May, I-S!J'.'. h'ranei' SH now siieressfully passing diroiin-ti die same pnn-1-ss of resiunplion, dm lime heine- lixed (two yearn a^'o) for .liinnary I, IH7H, and now praetieally ullained.
"In <mr own eomilry many of dm slates liavo presenled similar lawn in eiisn ol! Hnspeiided hunk jiaynmnls, and in some eases tlm Mun]iende(l luniks have, Ijy ansoe'iat(?d iiction, fixed a thim 1'or ^-eiii'ral resumption, mid eaeli hank udoptod UHOWU oxpedienl For it, Sir, dm liulit of oxjuu'ienee i« die lump of wisdom. f nan nieidl no case of successful renuiupliou where a lixed I'll turn limo IUIH uol been presented lioForehnud, eidmr by law or {i^rnoiiinnl; whilo thn limlxirieal e,xnmples of repudinlion of eurreiiey have como hy die drifting process, by a gradual decline of value, by increased issues, and a refusal to providij measures of redemption, until the wholn mass disappeared, dishonored tmcl repudiated.
" Thin cnmuirreiu'.o in (ho mode of resumption by HO many ^•ovoniimmtH WHS dui slronifest possible iiiHtnic-tidii lo Congress when Ilxin^a |iltinof resumption for the. United Stales, und should satisfy reasonable men of its wisdom.
"ISiiHichiH, it would seem lo be but 1'idr thai everyone should have plain notlee, of so important a fuel. If the measures only were presented and no tinm llxtMl it would be a mutter of spi»culadon, and die discretionary powers of die Secretary of flm Treasury eould bd exercised with a view lo hasten or poHlponu die (iiiHi (o dm injury of individuals.
"An lo the date selected, I can only repeat it was placed as remolu as any tint* su^^eslml ; far more so than is necessary lo seruro die objenl, and HO that llie lluulualioiis of value will scarcely exceed in four years what they have froi[U'Mitly been in a single year, ll allows ample thim to avrnn^n nil the rtdlitioiis of debtor tiud uredilor, and lo enable ('digress to provide any mldidoitid measure in aid of resumption, or, if events inulto \l expedient, lo poslpimo Iho limo."f (.'icoi